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Tuesday, May 21, 2013

Blog l The 15 countries that produce oil

We all have the idea that big oil producers are countries in the Middle East. However, this idea is only partially correct. Saudi Arabia is the largest oil producer in the world. But what two other Western countries are almost on par in terms of production? The United States and Russia.

Table I share here with the 15 largest producers:

Note that overall oil production levels are quite stable, with two clear exceptions:
In the last five years, the U.S. has risen its production by an impressive 30%.Meanwhile Iraq, a country invaded by the U.S. for more than five years, has increased its production also in a remarkable 25%. I added to Argentina to the table: the fall in production in the last five years less than 8%. Now, what do we know oil consumption? With the table show below, we can clearly see why the U.S. considers oil a strategic resource: its voracious consumption is twice the total consumption of China, ranked second on the table:

If there were any doubt ideological, the numbers indicate that the U.S. has a vital need for oil and beyond the rhetoric they have used over the years, should surprise no reasons for its political and military interference in countries Middle East.

Do you know which is the country with the highest level of proven oil reserves?

Surprise yourself
With the exception of Russia, the so-called "BRICs" (Brazil-Russia-India-China) had a growth in oil consumption of about 25%. Note also that the energy deficit of Argentina is mostly on the side of consumption: this increased to 20% at a time when production fell by 8%. Finally, what country can potentially be a much bigger producer than it is today? Put another way: what in the world is the one with the highest level of proven reserves? Whoever thought Saudi Arabia was wrong:

Recent discoveries in Venezuela position the country with the highest level of proven reserves in the world, having risen more than 200% over the past 5 years. But, this fact has consequences: Maduro's controversial victory in the recent elections gives Obama Venezuelan perfect excuse to start a more vigorous political offensive. Even that could later justify any military intervention (Maduro should worry about having the approval of the U.S. to have as many oil reserves). Although nothing indicates that this will happen in the immediate future, there are many examples where the U.S. has acted to ensure strategic resources.



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